The profits of insurers in question
NEW YORK - The numbers of police were in the eye: Allstate reported a record amount of $ 5 billion profit for 2006. State Farm Insurance profit rose 65 percent for the year. St. Paul Travelers’ six net profit rose in the fourth quarter, American International Group rose eight times.
A year and a half after Hurricane Katrina devastated the Gulf Coast, profits for the great nation of damage and accidents increased business - and should be strongly again in 2007, according to estimates by AM Best rating Co. Agency.
Critics charge that the insurers are doing well with funding short-circuit the man, his political purchased - including hundreds of consumers, is not yet ripe for their colonies Katrina claims. The industry is challenging the exploitation of consumers, increasing the profitability of its credit unless storms last year and improved business processes.
One criticism, J. Robert Hunter, director of insurance for Non-Profit Consumer Federation of America in Washington, DC, accuses the nation by insurers with Katrina and other major hurricanes to justify “Over Pricing crop insurance and claims underpaying Benefits No “at the expense of homeowners and landlords.
Mr. Hunter, a former insurance commissioner of Texas, said he expects the industry to do exceptionally well because it grows more risk and higher costs to policyholders.
“They are the owners and holders of higher the risk insured by senior, hats to cost recovery and other restrictions,” he said. “And they are refusing to renew tens of thousands of homeowners and businesses owned by politics, especially along the coasts.”
Mr. Hunter says that the authorities by the State “is not yet done so, the work of price controls” by insurers.
For consumers, the situation is also frustrating and financially costly.
Joyce Ridgeway, whose four in the family home of the Esplanade Ridge neighborhood of New Orleans was damaged, if Katrina, met in August 2005, is still awaiting a final disposition of the British insurer Lloyd’s. It is up to now only get $ 30000 $ 85000 are required for other living expenses and to repair the roof, gutters and lines connecting timber destroyed by the storm.
Ms. Ridgeway, 52 years, public health workers, it is frustrated, yet they live on the ground in a trailer made available to the Federal Emergency Management Agency. Tenants are back in only two units.
“I’m already in bits and pieces that I can to make repairs,” she says. “I have my savings, I take my paychecks - and I have a good partnership contract is to work with me.
But she said: “I waited so long. It does not seem fair. ”
Lloyd’s One speaker said that if a request could not be resolved locally, in line with the company Dispute Resolution Service. He added: “We have no formal complaint about this case are not in a position so that any further comment.”
To industry experts say that the damage and accidents surprisingly well in relations with “Katrina” - the most expensive catastrophic events of the USA - and other hurricanes in the years 2004 and 2005.
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